Apex Global Brands Reports Second Quarter 2021 Financial Results

Second Quarter Fiscal 2021 Highlights versus Second Quarter Fiscal 2020:A 

Revenues declined to $4.4 million from $5.6 million

Adjusted EBITDA decreased to $2.3 million from $2.5 million

Net loss of $1.3 was in-line with the previous period A 

SG&A expenses declined significantly to $2.1 million from $3.1 million

Effected a 1-for-10 reverse stock split

Entered into an amended forbearance agreement with senior secured lender on September 1, 2020, including the suspension of interest and principal payments through December 31, 2020

Accelerated Maturity Date on all senior debt from August 3, 2021 to March 31, 2021

Received notification from Nasdaq that Apex was no longer in compliance with the minimum publicly held share count requirement

SHERMAN OAKS, Calif., Sept. 15, 2020 (GLOBE NEWSWIRE) -- Apex Global Brands (Nasdaq: APEX), a global brand management and licensing organization that markets a portfolio of high-equity lifestyle brands it owns, creates and elevates, today reported financial results for its second quarter of Fiscal 2021, which ended August 1, 2020.a??The COVID-19 pandemic has brought tremendous uncertainty to the retail sector, including a profound impact on our licensees domestically and abroad,a?? said Henry Stupp, Chief Executive Officer of Apex Global Brands.A  a??While we continue to onboard new licensees for our portfolio of lifestyle brands, with the rationalization and reduction of retail doors, particularly throughout the United States, there has naturally been a decline in stores and shelves to place our licenseesa?? products.A  Further, while ecommerce continues to be a bright spot, it did not have a material impact on our financial performance for the second quarter as many of our retail partnersa?? physical locations have remained open during the pandemic.a??a??As we enter into the second half of the fiscal year, we remain acutely focused on supporting our licensees and promoting our brands in unique ways that reflect the changes in consumer interests and behavior.A  In light of market conditions, we also continue to monitor and identify ways to manage costs and improve our overall liquidity. A On a year-to-date basis, our SG&A expenses declined nearly 30% over the prior-year period, but we are achieving increased efficiency due to our extensive asset library and the introduction of new technologies, including the development of virtual product showrooms.A  Ultimately, while we cannot predict the long-term impact the pandemic will have on our licenseesa?? abilities to meet their royalty agreements, we have adapted and positioned our company to manage the new realities of the retail market,a?? Mr. Stupp concluded.CARES Act Benefits Update
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